Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the launch of a new website for its film & entertainment division, Monarch Film Credits, located at www.monarchfilmcredits.com.
Monarch Film Credits is one of the nation’s largest tax credit placement specialists and the market leader for placing Georgia film tax credits. Working primarily with major studios and larger independent production companies, Monarch Film Credits assists with all transferable state film tax credits, including California, Connecticut, Georgia, Illinois, Massachusetts, Montana, Nevada, New Jersey, Pennsylvania, and Rhode Island.
The division has brokered more than $800 million in film tax credits since Monarch began working with these types of programs in 2006. Because of the rapid growth of Monarch’s film division and the industry’s unique and ever-changing tax credit laws and practices, Monarch Film Credits was given its own website to address the full scope of the film tax credit programs in which the company operates.
“We created a new website for our growing film tax credit division because we wanted to share our knowledge and expertise for those taxpayers interested in buying transferable state film tax credits,” said Marco Cordova, Director of Film Finance and West Coast Tax Credit Investments for Monarch Private Capital. “We also wanted to provide a better platform to promote our production tax credit offerings and help our major studio and independent production clients to sell their credits as soon as possible.”
The new easy-to-navigate and user-friendly website allows for a streamlined, best in class customer service experience for everyone. Whether a studio or production company looking to place film tax credits, or a Fortune 500 company, private company, or a high-net-worth taxpayer hoping to use film tax credits to offset their state tax liabilities at a discounted price, the new website offers valuable information for buying and selling transferable state film tax credits.
Monarch Film Credits’ new website features an interactive map that supplies users with a summary of various state tax credit programs. Taxpayers interested in buying tax credits at a discount can easily assess a state’s film tax credit benefits. Also included on the site are industry-related perspectives and insights from our well-versed tax credit experts, keeping up-to-date analyses of the latest developments in film tax credit programs across the United States.
Lastly, the website provides taxpayers a one-stop shop user experience if they are interested in both transferable film tax credits and other state tax credits that Monarch Private Capital offers. The website also provides information related to Monarch’s other state tax credit offerings, including renewable energy, affordable housing, and historic preservation tax credits. The clean design and interactive tools make it quick and easy for taxpayers to find an answer to most film tax credit questions when looking to purchase tax credits, and the skilled and experienced team at Monarch Film Credits is just a simple click away to assist with the transaction process for every client.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
By: Marman “Marco” Cordova, CPA, MBT
New Georgia tax credit law will maintain the state’s status as “Hollywood of the South.” To alleviate escalating concerns about the viability of the Georgia film tax credit, Governor Kemp, on August 4, 2020, signed into law HB 1037, which is intended to preserve and bolster the integrity of The Georgia Entertainment Industry Investment Act. Indeed, the new legislation provides for stricter rules and audit requirements, while increasing the time it takes for productions to monetize the tax credit benefits. These measures, and a few more discussed below, are intended to address critics and inconsistencies with the current tax credit quantification process in a manner that results in a win-win for all involved.
Background
The Georgia Entertainment Industry Investment Act provides the largest tax credit offered by Georgia, and it is the most generous film incentive program in the nation, with an estimated $915 million of tax credits generated during 2017[1] A production company that spends $500,000 or more on qualified productions are eligible for a tax credit of 20% of their qualified Georgia production expenditures. Production companies are also allowed a 10% bonus “uplift,” which increases their tax credit rate to 30%, by including a Georgia promotional “Peach Logo” within the end-title credits, or an approved alternative marketing opportunity such as a link to Georgia’s Department of Economic Development Office’s (Film Office) website on the project or studio’s web page.
As the Georgia film tax credit grew in popularity over the past several years, the increasing cost to Georgia resulted in increased scrutiny. The Georgia Department of Audits and Account (DOAA) released two critical reports earlier this year regarding the Georgia film incentive. More specifically, one report[2] claimed the Georgia film tax credit’s economic impact on the state was overstated by the Film Office, and it provided suggestions to scale back the program through adding a program cap and reducing the incentives provided for non-resident labor costs, among other recommended changes. The other DOAA audit report also stated the “Statute does not require audits, and current audits do not identify and disallow all ineligible expenditures.”[3]
Key stakeholders expressed concerns earlier this year that the DOAA audit reports could significantly impact the incentive program through new legislation, but the final version of HB 1037 kept the film tax credit benefits primarily in one piece. The legislation is effective for production companies that submit an initial application to the Film Office on or after January 1, 2021 (the “Effective Date”). The film incentive program will still generate a maximum 30% tax credit of qualifying production expenditures for one or more qualifying production activities. However, Georgia is tightening its rules by providing new standards for certifying the tax credit through mandatory audits administered by the Georgia Department of Revenue (DOR). Furthermore, Georgia’s new legislation reflects a growing trend among key film incentives states to make it harder for production companies to monetize the benefits of the film tax credit program.
New Audit and Certification Requirements Introduced
Currently, the DOR allows production companies to apply for a voluntary film production costs review. Upon completion of such review, the DOR issues a film tax credit certificate (the “DOR Certificate”). This certificate provides the actual amount a production company can either claim against its Georgia income or withholding tax liabilities. However, in most cases, production companies sell the DOR certificate to other Georgia taxpayers (either corporate or individual) at a discounted price to reduce their own Georgia income tax liabilities. This effectively provides the production company with additional funding sources to guarantee completion of production. Once the DOR Certificate is issued, the production company does not have any further requirement to substantiate the tax credits granted pursuant to the initial film production costs review.
New DOR Tax Credit Application After State-Certified Production
HB 1037 will now require all production companies who submit an initial application with the Film Office on or after the effective date to submit a tax credit application to the DOR within one year of completing a state-certified production. This step is effectively a mandatory audit to validate the initial tax credits awarded in the DOR Certificate. We note that as of the date of this publication, the DOR has not yet formalized the tax credit application for this new process. However, we can glean from language in HB 1037 itself, which provides minimum information to be included in the new DOR tax credit application.
Once the tax credit application is submitted, the DOR will perform a mandatory audit and then issue a final certification of qualifying production expenditures included in the base investment for calculating the tax credit.
Who Benefits from the New DOR Tax Credit Application
Currently, the DOR has the power to alter, modify, or disallow the tax credit amount certified production companies claim on its income tax return through a “post audit” of qualifying production expenditures if the credit is not quantified through a DOR Certificate.[4] Tax credit buyers or transferees of Georgia film tax credits will become the primary beneficiaries for the new mandatory audit because the DOR “shall not recapture a tax credit from the transferee if the tax credit was issued a valid final certification….” The added protection for all Georgia projects in the future to have a DOR Certificate though a new mandatory audit will create more integrity and consistency for the Georgia film tax credit program due to the current use and inconsistent application of CPA audits, reviews, and AUP reports and DOR voluntary production expenditures reviews.
Certified public accountants (CPA) currently involved in the DOR Certification process[5] could also benefit from HB 1037 primarily because the legislation provides for DOR audit compliance relief through integrating the use of “Eligible Auditors” to help perform the new required audit procedures. While the DOR will be able to perform an audit by itself, it is likely that it will utilize an Eligible Auditor, who meet certain requirements, to help perform the audit procedures (which are still in the process of being formalized). Once an Eligible Auditor performs a tax credit audit, the DOR will conduct a final review of the audit records before finalizing and issuing a DOR Certificate. The use of Eligible Auditors to assist with the mandatory audits for Georgia production tax credits in the future will help the DOR with its expected increased backlog of audits.
Delayed Ability to Utilize Georgia Film Tax Credits
Currently, Georgia film tax credits awarded through the DOR Certificate[6], can be claimed against tax liabilities during the year when the qualifying production expenditures were incurred. Under HB 1037, the tax credit may not be claimed on the production company’s or other entity’s tax return in the same year that the expenses were incurred. Rather, the tax credit cannot be claimed until the tax year when the final certification is complete. The difference between utilizing a tax credit during the tax year when expenditures were first incurred versus the year when final certification is received could defer the state’s payout or lost revenues from the tax credits by an estimated one to three years, which could vary based on the size of the production and length of time for a production to complete a new mandatory audit. This mechanism is ingenious at best because it helps Georgia hold on to its tax revenues longer by delaying the payout of the tax credits.[7]
Furthermore, HB 1037 reduced the tax credits carryforward period from five years to three years, which effectively reduces the amount of time a production company or in most cases, a transferee can fully utilize a Georgia film tax credit. Both the deferral in being able to use the credits and a more limited carryforward of those same credits will increase the pressure on production companies to seek out tax credit brokers to monetize their credits quickly.
A Few More Noteworthy Changes
There are several other changes worth noting regarding the new Georgia film tax credit legislation:
- Production companies are no longer eligible for the 10% bonus “uplift” tax credit if the project is not commercially distributed in multiple markets. This new rule primarily affects television pilots or other qualified productions that were neither “picked up” nor distributed theatrically or through television network, cable, or streaming service. Under the current rules, television pilots or other qualified productions, regardless if they have the “Peach Logo” that do not have public distribution may apply for and receive pre-approval from the Film Office for an alternative marketing opportunity in order to receive the 10% bonus tax credit uplift. The new statutory language implies that certain productions such as television pilots that do not have wide commercial distribution will not be eligible for the 10% bonus.
- Narrower definition of “Production expenditures.” The new legislation reinforces the disallowance of any costs for goods and services incurred outside Georgia and removes all story rights from the definition of production expenditures. Furthermore, any transaction subject to either Georgia sales and use taxes or business and occupation taxes is excluded from the definition of production expenditures to extent such taxes have not been demonstrably paid.
- Transition Timeline: There will be a gradual phase-in for smaller Georgia film tax credit projects to meet the new final certification issuance rules as described below.
- A final tax credit certification is not required for any project that is certified by the Film Office on or after January 1, 2021, and before January 1, 2022, if it seeks $2.5 million or less in tax credits through its DOR tax credit application.
- A final tax credit certification is not required for any project that is certified by the Film Office on or after January 1, 2022, and before January 1, 2023, if it seeks $1.25 million or less in tax credits through its DOR tax credit application.
- All projects certified by the Film Office on or after January 1, 2023, must receive a valid final tax credit certification for the production company to claim, assign, sell, transfer, or utilize the tax credit.
Parting Thoughts
HB 1037 will provide more integrity and security for the Georgia Film Tax Credit Program while helping detract critics opposed to the tax credit. There was a time earlier this year when production companies and all concerned parties, including studios, producers, Georgia based vendors and service providers, production crew and actors, and taxpayers that benefit from the tax credit’s transferability, were on high alert due to the DOAA reports and talks within the state capital[8] about potentially capping or greatly reducing the program’s tax credit benefits, thereby discouraging both feature film and television/streaming productions from “green-lighting” new projects in Georgia. Rather than reducing the face value or primary benefits of the Georgia film tax credit, the Georgia legislature and Governor Kemp reinforced the film incentive program through the new mandatory audit requirements and incorporating the support of Eligible Auditors. HB 1037 also indirectly helps limit the immediate fiscal impact for Georgia by changing the utilization rules while keeping the incentive generous enough for productions to keep the “Hollywood of the South” active next year and beyond.
[1] See Georgia Department of Audits and Accounts Performance Audit Report No. 18-03A
[2] See Georgia Department of Audits and Accounts Performance Audit Report No. 18-03B
[3] See supra note 2 (Georgia Department of Audits and Accounts Performance Audit Report No. 18-03A)
[4] Currently, production companies not utilizing the DOR Voluntary Production Costs Review are relying on CPA reviews, audits, or agreed-upon-procedures (AUP) reports to quantify the tax credit. The current use of CPAs to help quantify a Georgia film tax credit could expedite a production company’s monetization or sale of its film tax credit, but the DOR has authority to conduct a “post-audit” of the qualifying production expenditures and alter the amount of the credit claimed on a taxpayer’s income tax return.
[5] The use of CPAs to help state Department of Revenue agencies perform film tax credit certifications is also common in other film production states, including California, Connecticut Illinois, New York, and Louisiana.
[6] Currently production companies may quantify Georgia film tax credits through a CPA report in lieu of the Georgia DOR voluntary production costs review.
[7] For example, a production that has a certification letter from the Film Office in 2019 for qualifying production expenses incurred during 2019 applies for and completes a DOR voluntary production costs review and receives its certificate during 2021. Upon receipt of the DOR Certificate, the production company or tax credit buyer can claim the Georgia film tax credits immediately by filing an amended 2019 income tax return or file along with its 2020 tax return, which is due with extensions, on October 15, 2021. Therefore, under the current rules, production companies could monetize the benefits of the Georgia film tax credit immediately upon certificate issuance.
Under the new rules, a qualifying project that seeks $2.6M in tax credits and receives a pre-certification letter from the Film Office during 2021 for qualifying production expenditures receives its final tax credit certificate during 2023. The new HB 1037 rules provide the production company or transferee must claim the credit first for tax year 2023 instead of tax year 2021 when the production expenditures were first incurred. In such a case, the production company or transferee must wait until 2024 until they can file and utilize the credit against its 2023 tax liabilities. The timing difference could be longer for productions that currently use CPA reviews, audits, or AUP reports to quantifying its Georgia film tax credits because the turnaround for such reports could be as short as three to five months from the date production completes its Georgia spend.
[8] See Atlanta Journal Constitution Article, Analysis: Georgia’s film and TV incentives could be part of a 2020 budget battle. https://www.ajc.com/blog/politics/analysis-georgia-film-and-incentives-could-become-part-2020-budget-battle/WChRc5e9JFmxjkMv3nJi4N/
Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 48-million-dollar senior living development called Preserve at Peachtree Shoals in Dacula, Georgia.
Preserve at Peachtree Shoals is located at 2995 Old Peachtree Road in Dacula, Georgia. This new development will consist of 240 apartment units for seniors 55 and older and will have an affordable rent structure for households earning 30 to 80 percent of the area median income (AMI). The development comprised of one, two and three-bedroom units, is expected to be available to rent in the first quarter of 2022. To complete the project, MPC partnered with Dominium, the nation’s fourth-largest provider of affordable housing, and Searles Foundation, a non-profit organization that provides gracious living services to elderly and disabled residents.
“Preserve at Peachtree Shoals will be an excellent and much-needed addition to the Dacula area. It will provide seniors with beautiful housing that is affordable,” said Mark Sween, Vice President & Project Partner of Dominium. “We are excited to begin construction and to work again with our state housing tax credit partner, Monarch Private Capital.”
Dacula, Georgia is part of Gwinnett County, which has been a titan of social and economic progress for decades. Dacula has its own unique factors, however, that make it a great candidate for revitalization. Dacula is at the center of Georgia’s Innovation Crescent. Covering nearly 40 percent of Georgia’s population, the Innovation Crescent is the state’s hub for life sciences but is quickly becoming that of the entire Southeast. The crescent includes top research organizations such as Emory University, Georgia Institute of Technology, the University of Georgia, the CDC, Georgia Gwinnett College and Gwinnett Tech. In addition, the hub hosts a wide range of scientific companies, large and small, bringing in a variety of people and revenue to the community.
“This new affordable senior living development will help strengthen the Dacula area by providing residents with quality homes, enriching programs and services, and greater access to the unique variety of resources located throughout the city,” said David Searles Jr., CFO of the Searles Foundation. “We recognize the importance of the happiness and well-being of our senior residents and stay committed to fostering a friendly and valuable community for all.”
The development of Preserve at Peachtree Shoals will not only address the need for affordable, senior living opportunities in the area, but it will also have a major positive impact on the local economy. In just the initial year, the project is expected to create over 300 direct and indirect jobs and generate over $20 million in local tax revenue. The project will continue to benefit the area in the years to follow, paving the way for a lively and prosperous community for all.
“By building clean, well-constructed apartment units in an area that lacks adequate senior living facilities, we will help accelerate the growth of the community while also filling a significant housing void,” said Steve LeClere, Director of LIHTC Development at MPC. “We appreciate our collaboration with Dominium, who’s leadership and expertise will help make this project a reality.”
For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About Dominium
Dominium is an affordable housing development and management company headquartered in Plymouth, Minnesota.
The firm has developed more than 30,000 apartments in 22 states and is the nation’s 4th largest provider of affordable housing. Dominium has 45+ years in the business and owns over $3 billion in properties. Dominium employs a professional staff of more than 1,000 employees.
About Beverly J. Searles Foundation
Founded in 2007 by Richard and David Searles, The Beverly J. Searles Foundation is a not for profit organization that provides gracious living services to elderly and disabled residents of affordable housing and other residential communities. Their goal is to enhance the quality of life for their residents by encouraging independence and choices, while celebrating individuality, preserving dignity, privacy and nurturing the spirit.
The Searles Foundation is also a developer and owner of multi-family housing in the affordable and market-rate area, providing quality housing, excellent resident services with high standards, extraordinary experiences and a holistic approach to health and wellness. The foundation has planned, developed and/or operated about 2,000 new housing units, including 11 assisted living communities with 821 assisted living and memory care units. In early 2020, The Searles Foundation and its partners have $148 million under construction, representing 686 age-restricted apartments at five Georgia locations all using Housing Tax Credits.
Promotes Sustainability through Reuse of Historically Significant Buildings
Monarch Private Capital (MPC), a leading tax credit equity and ESG investment firm, is pleased to announce the closing of Monarch Federal Historic Preservation Fund I (Fund I). The $21 million fund provides investment in historic rehabilitation projects that will generate single-year federal historic tax credits in 2020 and 2021. In addition to preserving historically significant properties, the investments in these properties promote sustainability, revitalize neighborhoods, and encourage economic growth within the local communities.
Investors in Fund I are financial institutions interested in community development and economic returns while also managing their effective tax rate. Fund I, the first of several planned funds, targets properties that generate federal historic tax credits of $1 million – $5 million and that qualify for single-year credits. The footprint of the fund is largely Midwestern and Southeastern regions of the United States with a diversified mix of assets.
ONB Community Equity LLC, a wholly-owned subsidiary of Old National Bank (ONB), is the lead investor in Fund I. Fund I called on ONB’s tax credit group’s relationships and experience within the marketplace to secure many of the historic tax credit projects that comprise the fund’s investments. Both MPC and ONB recognize the value of historic tax credit equity to preserve historic buildings.
“The creation of Fund I was an effort to bring new life to under-utilized and vacant properties,” said Rick Chukas, Managing Director of Federal Historic Tax Credits. “We appreciate the commitment of our investor partners who came together to invest in reshaping our communities.”
For more information on MPC’s programs and services, please contact Rick Chukas by emailing rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About Old National Bank
Old National Bancorp (NASDAQ:ONB) is the holding company of Old National Bank. Headquartered in Evansville with $20.7 billion in assets, it is a top 100 U.S. bank, the largest Indiana-based bank and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since 1834, Old National has been a community bank committed to building long-term, highly valued relationships with clients. With locations in Indiana, Kentucky, Michigan, Minnesota, and Wisconsin, Old National provides retail and commercial banking services along with comprehensive wealth management, investment and capital markets services. For information and financial data, please visit Investor Relations at oldnational.com.
Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 13-million-dollar multi-family development called Abbington on Cheshire Bridge in Atlanta, Georgia.
MPC partnered with Rea Ventures Group (RVG), the developer for the property, which is located at 2070 Cheshire Bridge. RVG specializes in the development and long-term ownership of affordable and market-rate communities in the Southeast. Their communities are environmentally responsible, designed, and built with energy and water-efficient materials and systems, which are all part of their green building initiative.
Expected to be complete by the fourth quarter of 2021, plans include a 48-unit mixed-income rental community that will include 40 LIHTC units reserved for households earning at or below 50 percent and 60 percent of the Area Median Income (AMI) and eight unrestricted market-rate units. The development offers one, two, and three-bedroom units for a variety of household types ranging from singles to families. Community amenities include a community room, enlarged fitness center with instructional space, laundry facility, computer center, covered porch, fenced community garden with a 400 square foot planting area, and a health screening facility.
Abbington on Cheshire Bridge is in a prime location, positioned just four miles northeast of Downtown Atlanta and convenient to the Interstate 85/GA 400 interchange. Since the 2000s, the community has undergone various gentrification methods and hosts urban redevelopment projects. The area is vibrant and full of activity with commercial, residential and light industrial developments located throughout. Public transportation options are also easily accessible within one or two miles of the property.
“We’re excited about The Abbington on Cheshire Bridge and the promising potential it has to add to the ongoing revitalization of the area,” said Brent Barringer, Managing Director of LIHTC for MPC. “We look forward to working with Rea Ventures Group on this project and commend their excellent leadership and hard work on creating quality homes that create enduring communities that last for generations.”
In addition to this significant capital investment in Atlanta, Abbington on Cheshire Bridge will have a substantial employment impact on the community. The project should generate about 60 direct construction jobs and will act as a catalyst for the economic development of the area.
“Our company’s goal is not only to supply great housing solutions, but we also want our developments to provide lasting value for generations,” said Bill Rea, founding member and managing partner of Rea Ventures Group. “We believe that The Abbington on Cheshire Bridge will serve as a great foundation for the continued growth of the community.”
“We understand that quality, affordable housing acts as the cornerstone to a successful local economy in any community,” said Eric Buffenbarger, CFO, Vice President, and Treasurer of Bill Rea’s development and ownership companies. “The Abbington on Cheshire Bridge will help propel the area forward in a variety of ways, including job creation, new tax revenues, and an increased purchasing power due to lowered housing costs.”
For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 3.8-million-dollar multi-family development called Americus Gardens located in Americus, Georgia.
Americus Gardens is conveniently located off US-19 at 730 S Martin Luther King Boulevard in the commercial part of town in Sumpter county. Residents will have quick and easy access to essentials like restaurants, grocery stores, and automotive care. The development contains 44 low-income housing units with one one-story apartment building, five two-story apartment buildings, and a one-story accessory building with brick exteriors. MPC partnered with Gateway Development Corporation to complete the project, which will be placed in service this year.
Along with this major capital investment in Americus, the LIHTC project is estimated to drive approximately 50 direct construction jobs. Not only does this boost the community’s local income and local tax revenues, but it helps advance an area that may have otherwise been neglected.
“Americus Gardens will have a very positive effect on the community,” said Brent Barringer, Managing Director of LIHTC for MPC. “Providing quality homes in a central location will give residents access to better jobs and help them cut down on the costs of transportation. We appreciate the leadership of Gateway Development Corporation to bring this project to fruition and couldn’t be more pleased with the outcome of our investment.”
“Our mission at Gateway is to provide a gateway to affordable housing for working Americans,” said Jason Freeman, President at Gateway Development Corporation. “Having a safe, clean and quality environment is imperative to healthy development, and we are committed to providing these crucial homes to communities like Americus, Georgia.”
For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
We are thinking of you and your families during this difficult time. At Monarch Private Capital, the safety of our clients and employees is our highest priority. We want to keep you informed of the measures we are taking to ensure health, safety, and progress on your projects and investments.
Our firm has recently shifted to a remote working environment and we have suspended all work-related travel. The investments that we had previously made in our technology and support systems have significantly paid off as we moved to a “Shelter in Place” operating mode. Our secure, cloud-based voicemail, email, phone and video conferencing systems are thoroughly integrated and operating as designed. These systems act as a safeguard to effectively manage our business in times like these.
We are actively communicating with our project sponsors and developers of our underlying investments to obtain status updates on their risk mitigation efforts and any implications the coronavirus (COVID-19) is having on individual projects and affected personnel. While we know the impacts of the virus can vary by project, we are monitoring the situation on a regular basis. If we determine an investment has been impacted by COVID-19, rest assured that we will notify you outside of our normal reporting protocols.
Our Asset Management and Investor Reporting functions remain fully operational. We are currently in the midst of tax reporting season and remain committed to the delivery of timely information to all of our clients.
We appreciate the trust and confidence that you have placed in us, and we remain committed to fully serving your needs.
Warm Regards,
Robin & George
Robin Delmer
Co-CEO & Managing Director of Acquisitions
O: 404-596-8035 | M: 678-576-7905
rdelmer@monarchprivate.com | bio
George L. Strobel II
Co-CEO. Managing Director of Tax Credit Investments
O: 404-596-8032 | M: 404-372-3383 | F: 404-592-1056
gstrobel@monarchprivate.com | bio
ATLANTA — Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce their membership in the American Council on Renewable Energy (ACORE).
ACORE, founded in 2001, unites finance, policy and technology to accelerate the transition to a renewable energy economy. The organization is a focal point for collaborative advocacy across the renewable energy sector, supported by members spanning renewable energy technologies and constituencies, including developers, manufacturers, top financial institutions, major corporate renewable energy buyers, grid technology providers, utilities, professional service firms, academic institutions and allied nonprofit groups.
MPC will be participating in ACORE’s Partnership for Renewable Energy Finance (PREF) executive program. As the nation’s most important and credible resource on renewable energy finance, PREF educates federal and state officials on market developments, sector finance trends and the impacts of key policies. MPC joins companies like Amazon, Google and GE with similar goals of expanding the deployment of clean power and positively impacting communities.
“Our membership with ACORE will open up new opportunities in the energy sector for MPC to share its expertise,” said Lacie Clark, Managing Director of MPC and Chief Executive Officer of Alchemy Renewable Energy, a portfolio company of MPC. “By accessing ACORE’s exclusive events and strategic working groups, we will continue to drive forward the energy transition that is sweeping the globe.”
George L. Strobel II, Co-Founder and Managing Director of Credit Placement, will represent MPC on ACORE’S Leadership Council, an exclusive group of senior executives from across the renewable energy sector.
“Currently, many rating agencies are more inward-looking and focused exclusively on internal activities,” said Strobel. “As a result, these agencies ignore a company’s positive environmental impact on its local community and the world at large. ACORE shares the same interest with MPC in this regard as they continue to seek improvements to ESG analysis and scoring.”
MPC’s Jay Sinsley, Director of Investor Relations & National Tax Credit Investments, will engage with ACORE’s ESG Working Group with the objective of bringing greater integrity, consistency and transparency to ESG scoring so that it better reflects renewable energy use and investment.
“Working alongside the PREF companies, who have an interest in promoting the inclusion of newly generated renewable energy in ESG indices, will directly benefit our company’s ESG initiative,” said Sinsley. “This results in a far more accurate representation of a companies’ positive impact on the environment through renewable energy investment.”
For more information on MPC’s programs and services, please contact George L. Strobel II by emailing gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
Forbes Finance Council is an Invitation-Only Community for Executives in Accounting, Financial Planning, Wealth and Asset Management, and Investment Firms
ATLANTA, Feb. 10, 2020 — George L. Strobel II, Co-Founder and Managing Director of Credit Placement for Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages diversified portfolios of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, has been accepted into Forbes Finance Council, an invitation-only community for executives in accounting, financial planning, wealth and asset management, and investment firms.
Strobel was vetted and selected by a review committee based on the depth and diversity of his experience, including his expertise and thought leadership in driving social good through ESG and impact investing. Criteria for acceptance include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors.
“We are honored to welcome George Strobel into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Finance Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.”
As an accepted member of the Council, Strobel has access to a variety of exclusive opportunities designed to help him reach peak professional influence. He will connect and collaborate with other respected local leaders in a private forum. Strobel will also be invited to work with a professional editorial team to share his expert insights in original business articles on Forbes.com and to contribute to published Q&A panels alongside other experts.
Finally, Strobel will benefit from exclusive access to vetted business service partners, membership-branded marketing collateral, and the high-touch support of the Forbes Councils member concierge team.
“I’m honored to have been chosen for the Forbes Finance Council, and I look forward to joining the impressive roster of finance leaders to advance the industry through the sharing of ideas and best practices,” says Strobel. “Since 2005, Monarch Private Capital has provided Fortune 500 companies with opportunities to improve their bottom line through positive impact investing, resulting in over six billion dollars going towards economic development in more than 25 states. By participating on the Forbes Council, I hope to inspire and further educate corporate finance leaders on the value and social good that results from ESG investing.”
ABOUT FORBES COUNCILS
Forbes Councils is a collective of invitation-only communities created in partnership with Forbes and the expert community builders who founded Young Entrepreneur Council (YEC). In Forbes Councils, exceptional business owners and leaders come together with the people and resources that can help them thrive.
For more information about Forbes Finance Council, visit forbesfinancecouncil.com. To learn more about Forbes Councils, visit forbescouncils.com.
ABOUT MONARCH PRIVATE CAPITAL
Founded in 2005, Monarch Private Capital is a financial services company providing federal and state tax credit solutions to Fortune 500 companies, businesses and high-net-worth individuals aimed at lowering their tax liabilities while supporting socially beneficial activities that address environmental, social and governance factors (ESG). The Company creates, operates, and manages a variety of different funds including historic rehabilitation projects, affordable housing, renewable energy, and film, as well as ESG investment opportunities that provide a quantifiable impact. Headquartered in Atlanta, Monarch Private Capital is a nationally recognized tax equity investor that has facilitated over $1B to date in taxpayer investments that have resulted in $6B in economic development in more than 25 states.
Learn more about Monarch Private Capital by visiting their website at www.monarchprivate.com, or follow the company on LinkedIn.